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Fidelity to relocate 650 staff as office closes

Peter Horrell is the UK managing director at Fidelity International

Fidelity International is to downsize its presence in the UK further as it plans to close its Kent office and relocate 650 staff by 2020.

The asset manager, which currently operates in London, Surrey and Kent, says by 2020 it will move “the majority” of the 650 employees from Tonbridge, Kent to its Kingswood office in Surrey.

The Kent office mostly employs staff in back-office areas such as technology, investment management operations and central functions.

The firm will conduct a review starting in January 2018 to set the details of the transfer.

Fidelity International currently has 2,000 staff in the UK.

In July 2016, Fidelity said it planned to move 100 of its UK staff to Dublin as part of “a long-term strategy”, but said the plans were not Brexit-related.

Fidelity International UK managing director Peter Horrell says: “We have to work in different ways to deliver for our clients and that includes being more efficient, more collaborative and working with more flexibility. We believe it is much easier to achieve this with one suburban site rather than have our infrastructure and our staff spread across two.

“Closing an office is never an easy decision to make but it is our clear intention and also our strong desire that the majority of people who work in our Kent office will come with us to Kingswood in Surrey and continue with their roles in a different location.

“We believe our Kingswood location gives us the best opportunity for this more flexible and collaborative way of working and we will be developing a new and modern work space to accommodate this.”

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Comments

There are 9 comments at the moment, we would love to hear your opinion too.

  1. This is the second item today that has staff moving out of the country as a result of Brexit. As I said in the post then: The queue is getting longer …. and longer…. and longer.

    Last one out p[lease turn off the light. It looks as if the UK will be competing with Zimbabwe after Brexit.

  2. Christopher Petrie 21st November 2017 at 4:30 pm

    The Fidelity spokesman clearly states in the article this has nothing to do with Brexit.

    Hypobole and Remoaning about a democratic decision really doesn’t have a place in this newspaper, which is about finance, not politics.

    • Christopher, do you really believe the spin some financial institutions come out with? Why would a company that has hundreds of thousands possibly millions of
      retail customers in the UK want adverse publicity of relocating British jobs elsewhere in the EU.

      Why didn’t Fidelity International relocate to the IOM, Seychelles or Bermuda. Perhaps none of these places has passporting rights into the EU?

      You can come out with your typical name for remainers but this is an advisors site.

      Any advisor worth his salt knows remaining in the EU with all its negatives is a far superior option to the utter shambles we have at present.

    • I have just returned for a lecture by Prof Nellist of the Cranfield Institute. If you think Brexit has nothing to do with finance or economics you really shouldn’t even be an adviser in this field.

  3. Well, we will have to downsize the amount of business we give to Fidelity. If they don’t have confidence in us, we should reciprocate that lack of confidence in them

  4. One thing for sure – there will be a steep rise in taxation to pay what we owe the EU. As each day goes by it becomes more obvious that Leavers have shafted the UK.

    • This pails into insignificance in relation to the good UK pounds we would have had to pay to subsidize this folly that is the EU if had remained……

      To those who fear the leavers and loss of jobs there will always be someone to take their place …..

      Short term safety never realizes the long term objectives……we all know that as advisers

  5. I’ve read this 3 times to check where the jobs were moving to and as far as I am aware, Kingswood in Surrey is actually still in the UK

  6. I suppose if you CEO looks like the joker these things happen.

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